FREQUENTLY ASKED QUESTIONS

To find out the status of your refund, please click the link below; 

https://www.nerdwallet.com/article/taxes/track-my-refund

 

To find out the status of your refund, please click the link below; 

https://www.irs.gov/refunds

If you receive a letter from the IRS, here are some do’s and don’ts FOR EVERYONE;

  • Don’t ignore it.
  • Don’t throw it away.
  • Don’t panic.
  • Don’t reply unless instructed to do so.

Some Dos

  • Do take timely action – contact a tax professional to help you review and respond to a disputed notice.
  • Do remember there is usually no need to call the IRS.
  • Do avoid scams.

If you are considered an employee, then your employer should provide you with W-2.  Individuals considered as self-employed (i.e., Independent Contractors, Product Sales Representatives such as Mary Kay, etc.) should receive a 1099-MISC from their respective companies. 

The mortgage company should send you Form 1098 which reports the mortgage interest you paid.  Sometimes Form 1098 also reports the amount of Real Estate taxes you paid. 

Everyone who received unemployment benefits from their state over the past year must claim that as income and, therefore, pay taxes on those benefits. The individual state unemployment agency should provide you with a 1099-G form, which shows the total unemployment benefits paid during the past year. The Internal Revenue Service (IRS) receives a copy as well and will tax you at the appropriate rate in your tax bracket. Not everyone owes. If you worked a portion of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.

Self-employed individuals who have an LLC need to file a Schedule C using IRS Form 1040. Individuals who are partners in a group need to file Partnership return, Form 1065 and receive a K-1 which reports each partner’s share of the partnership’s earnings, losses, deductions, and credits.  Individuals in an S-corporation should file Form 1120-S for the Corporation and individual members of the entity receive a Schedule K-1.  

Maybe or maybe not. According to the IRS taxpayers need to pay estimated quarterly taxes they expect to owe at least $1,000 in federal income taxes this year, even after accounting for your withholding and refundable credits (such as the earned income tax credit).   appropriate rate in your tax bracket. Not everyone owes. If you worked a portion of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.

The standing deadline for personal taxes is April 15. However, sometimes that date falls on a weekend or after Emancipation Day (a holiday in DC) and pushes the deadline to as late as April 18. 

Taking necessary steps before tax time will make things easier once you file your taxes for the first time after a divorce. It is advisable to change your W-4 through your employer so taxes will be withheld at the correct rates. Additionally, if you (or a family member) changed your name, file Form SS-5 with the Social Security Administration to ensure there aren’t any complications with the IRS. 

Yes, you can opt to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there may be other options such as the Offer in Compromise (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer’s liability for less than the full amount of taxes owed. The IRS is not likely to approve an OIC if there’s evidence that the taxpayer could pay the full amount through an installment payment plan or another method. A taxpayer can request consideration for an OIC by filling out Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and mail the application package to the IRS. 

Below is a link to a list of documents to bring with you to your tax interview. A copy of this list, along with what to expect during your interview, can be downloaded in the Resource Center. 

When you get your W-2, you can have your taxes prepared right away, but the IRS will not accept them before a pre-defined date.  of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.